[NoLibZone]

But it will come under threat in the next few years as the cost of successive rounds of bailouts mount – meaning that it was ‘almost certain’ that the eurozone will break up by 2016 and ‘probably’ by 2013.

Read more: http://www.dailymail.co.uk/news/article-2005499/Greek-debt-crisis-Let-Greece-default-leave-euro-says-Boris-Johnson.html#ixzz1PsTYeH5H

[Army Air Corps]

Ping.

[Horusra]

So, its just like any socialist system. The hard workers have to pay for the few who are irresponsible until the whole collapses. Whether it be individuals, towns, nations or “Unions” of nations; socialism ruins all for the benefit of a few.

It’s really too bad that people cannot get this through their heads once and for all.

[Razzz42]

This about the only guy I read that really gets it, the whys and wherefores Link. "...the Prime Minister said he would reshuffle his Cabinet and seek a vote of confidence for his new government after coalition talks with opposition parties failed. There is simply no way out. This is the price they had to pay to be part of the Euro. Greece surrendered its ability to naturally offset its debt by allowing the currency to depreciate. That is how ALL government get out of their debts – inflate their way out! The US is no exception. In 1980, the national debt was $1 trillion. Today, that is less than the annual budget. A trillion isn’t what it used to be any more. With Greece unable to inflate its way out, it is forced to now pay in Euros, as the economy declines, the REAL debt rises making the austerity measures even harsher. The Euro is a complete failure because there was no national identity in Europe. That was the key to making the Euro work. Absent that – sorry; it was a nice dream while it lasted. It has been a brief shining moment of bravado. But it’s over now and it’s time to wake up or else the dream will transform into an economic nightmare and tear down the European monetary system brick by brick..."

[AuH2ORepublican]

bump

[antiRepublicrat]

Hey Germany, miss me now?

[munin]

So how is Greece any differant thah General motors or Chrysler or any other outfit that had to be rescued from their high spending managements? Let them file for chapter 11 and then sort out the mess and start from scratc. Yea, I know, the humanitarian cost to the people, especially the older ones, but they have lived like kinge on borrowed money for a long time now, perhaps they could sell of some of their realestate, those ilands they have must be wort quite a bit, a good auctioneer should be able to get top $ or uros as it were, after all, if it was you or I, we would have to dispose of some of our assets if we couldent pay our bills, so why is a little country any differant?

[Chad_the_Impaler]

The ties that bind...

[Carry_Okie]

The only thing that restrains a government's fiscal largesse is its currency. They only thing that restrains a currency is competition with other currencies. Hence to internationalize a currency is to decouple accountability for fiscal sanity from a government.

I remember well in the mid 90s Milton Friedman explaining in The Economist how the Euro would produce national unemployment instead of national inflation using the differences between fiscally sane and insane States in the US as a model. The assumption that the Euro would instill any kind of discipline was therefore illusory from the beginning, and its backers knew it. There had to be another reason for the "European monetary union."

The real goal was to replace the US dollar as the world's reserve currency, because that allows the issuing entity to produce excess currency that doesn't go into domestic circulation. It is inflating somebody else's assets without the apparent cost. If the Euro replaced the dollar as the world's reserve currency, those dollars would then come home and the US would experience massive inflation almost immediately. That is why the international reserve currency status the dollar has enjoyed is both a blessing and a peril. Essentially, the Euro coupled with Democrat fiscal policy, has put an inherently unstable world financial system on the path to total catastrophe.

[fhayek]

Gee, funny how no one saw that one coming. (/sarc)

[Moltke]

Any eurozone bailout is an outrageous breach of contract. Bailouts were specifically forbidden when the euro was adopted.

Never trust a politician. Never.

[iopscusa]

All the EU pricks are having an epiphany about the dead Euro, from the mushy EU Left like SPIEGEL to the mushy Brit Lib/Lab/Tories....their big dreams of another Roman Empire of Europe just may be at an end. Beware though that the dying EUSSR will be a dangerous enemy of freedom everywhere.